Death from Employment Agreement
AGREEMENT entered into as of August 14th, 2008, by and between MEREDITH CORPORATION, an Iowa corporation (the "Company"), and JOHN S. ZIESER ("Executive"), to become effective August 12, 2008 ("Effective Date").
Death. In the event of the death of Executive during the Term of this Agreement or during the period when payments are being made pursuant to Sections 6 or 9.2, this Agreement shall terminate and all obligations to Executive shall cease as of the date of death except that, (a) the Company will pay to the legal representative of his estate in substantially equal installments the Base Salary until the end of the month of the first anniversary of Executive's death with each installment treated as a separate "payment" for purposes of Section 409A of the Code, such that any payment that would otherwise be payable within 2 1/2 months after Executive's taxable year in which his employment with the Company is terminated or, if later, within 2 1/2 months after the end of the Company's taxable year in which Executive's employment with the Company is terminated (the "Short Term Deferral Period"), is exempt from Section 409A of the Code, and (b) all rights and benefits of Executive under the benefit plans and programs of the Company in which Executive is a participant, will be provided as determined in accordance with the terms and provisions of such plans and programs. Any MIP bonus (or amounts in lieu thereof) pursuant to Section 5, payable for the fiscal year in which Executive's death occurs, shall be determined by the Compensation Committee at its meeting following the end of such fiscal year pro rata to the date of death and promptly paid to Executive's estate. All awards of restricted stock, stock options and any other benefits under the Long-Term Incentive Plans shall be handled in accordance with the terms of the relevant plan and agreements entered into between Executive and the Company with respect to such awards.